◎记者 陈玥 时至年末，科技主题基金在一众基金中表现依然亮眼，并与其他类型的基金进一步拉开差距。Choice统 计数据显示，截至12月11日，普通股票型基金和偏股混合型基金的近一年业绩前十强中，多数是科技主 题基金。 具体来看，截至12月11日，永赢科技智选混合以近一年212.75%的净值增长率排名第一，是唯一一只近 一年净值增长率超过200%的主动权益类基金。排名其后的中航机遇领航混合、信澳业绩驱动和恒越优 势精选近一年净值增长率均超过150%，从持仓来看，上述基金均重仓科技标的。榜单的另一头，多只 消费主题基金近一年净值增长率均告负，榜单头尾相差超过240个百分点。 虽然结构性行情演绎了近一年，但在机构人士看来，明年上半年市场大概率仍将延续今年的主线，AI 就是其中最重要的方向之一。"AI产业链短期依然有海外订单支持，明后年的资本开支又相对清晰，短 期内该板块依然具有吸引力。"沪上一家中型公募旗下科技类基金经理告诉上证报记者，当前的业绩景 气度和估值已经基本上反映在价格中，期待板块像年中那样大幅上行可能性很小，但基本上能够保持稳 定。 事实证明，科技股依然是市场上最受资金追捧的板块。12月5日，摩尔线程上 ...

Core Viewpoint - Hengyue Fund, established in 2017 in Shanghai with a registered capital of 230 million yuan, aims to become a differentiated and boutique public fund manager focusing on active management and stable long-term returns for investors [4][7]. Company Overview - Hengyue Fund was founded in 2017 and has a registered capital of 230 million yuan [4][7]. - The major shareholder, Li Shujun, has extensive experience in private equity, with his firm, Zhixin Capital, being a well-known private equity investment institution in the Asia-Pacific region [4]. - The company emphasizes active management, balancing active equity and unique "fixed income+" strategies [4]. Product Line - Hengyue Fund offers a variety of products, including: - Active equity funds such as Hengyue Advantage Select, Hengyue Growth Select, and Hengyue Blue Chip Select [11]. - Fixed income products like Hengyue Seasonal Joy and Hengyue Pure Bond [11]. - Thematic and value-oriented funds focusing on domestic demand and technology [11]. Performance - Over the past five years, Hengyue Fund's equity funds have performed well, ranking 10th out of 137 public fund companies in terms of absolute returns from July 1, 2020, to June 30, 2025 [12]. Investment Team - The investment team at Hengyue Fund is robust, with an average of nearly 9 years of experience in the securities industry among the 10 fund managers [16]. - The research team covers a wide range of industries, including essential and discretionary consumption, pharmaceuticals, technology, and finance [17]. Recognition - Hengyue Fund received the "Most Growing Fund Company Award" at the 19th Shanghai Securities Awards in 2022, highlighting its growth and performance in the industry [7].

Core Viewpoint - The article discusses the contrasting performance of equity funds in the A-share market, highlighting a significant recovery in net values for many funds while also noting the challenges faced by others leading to their liquidation [3][5]. Group 1: Fund Performance - As of November 18, over 97% of active equity funds reported positive returns over the past year, with 22 funds achieving over 100% returns [5][6]. - Notable top performers include Yongying Technology Smart A with a return of 210.65% and Hengyue Advantage Selection at 156.29% [5]. - The number of funds with net values below 1 yuan has decreased from 1,905 (44%) last year to 973 (22%) this year, indicating a significant recovery [5][6]. Group 2: Fund Liquidation - In the second half of the year, 108 funds have been liquidated, with an additional 75 funds facing potential liquidation due to low asset values [6][9]. - The fund "Guolian Consumer Selection" was liquidated after its net asset value fell below 50 million yuan for 50 consecutive trading days, with a recent three-month return of -7.58% [6][9]. Group 3: Market Outlook - Analysts suggest that the market is likely to continue its upward trend due to policy support and liquidity, despite the current high volatility around the 4,000-point mark [9][10]. - The AI and innovative pharmaceutical sectors are highlighted as key growth areas, with expectations for continued strong performance in these sectors [9][10]. - Institutions remain optimistic about the market's prospects for 2026, driven by factors such as innovation, supportive policies for private enterprises, and ample liquidity [10][11].

Core Insights - The A-share market is experiencing a mixed performance in equity funds, with over 97% of active equity funds achieving positive returns in the past year, while some funds face liquidation [1][2][3] - The top-performing funds have seen returns double, with notable examples like Yongying Technology Select A achieving a return of 210.65% [2][3] - A significant reduction in the number of "毛基" (funds with net asset values below 1 yuan) has been observed, dropping from 44% to 22% year-on-year [3] Fund Performance - As of November 18, 4266 out of 4378 active equity funds reported positive returns, highlighting a strong overall profitability effect [2] - The number of funds that have successfully increased their net asset values above 1 yuan includes 937 funds, with some like Guangfa Growth Leading A reaching 2.21 yuan [3] - Conversely, 108 funds have been liquidated in the second half of the year, with 75 funds facing potential liquidation warnings [3][4] Market Trends - The market is currently at a critical juncture around the 4000-point level, with concerns about potential shifts in main investment themes [1][5] - The performance of funds is closely tied to sectors like artificial intelligence and innovative pharmaceuticals, which have driven the recovery of previously underperforming funds [5][6] - Analysts suggest that the structural opportunities in the market are not limited to AI, indicating a broader range of investment themes [6] Future Outlook - Institutions maintain an optimistic outlook for the market, with expectations of continued support from policies and liquidity, particularly in the AI and innovative sectors [6][7] - The upcoming year is anticipated to bring favorable conditions for the market, driven by innovation and supportive policies for private enterprises [7] - The focus on high-value exports and self-sufficiency in technology is expected to be a core theme for A-shares in the coming year [7]

Core Insights - The "Hengyue Advantage Select" fund has shown remarkable performance this year, with a growth rate of 144.74%, ranking second in the market despite a previous maximum drawdown exceeding 70% [1][10]. Fund Performance - The fund's share increased from 14.6 million to 18.1 million due to strong performance in the third quarter, ending a trend of net redemptions [3]. - The fund's maximum drawdown is reported at -71.61%, indicating significant volatility in its past performance [2]. Fund Management Changes - The previous fund manager, Ye Jia, was replaced due to poor performance, with Wu Haining now co-managing the fund [9][10]. - Wu Haining's management has led to a significant turnaround, achieving a return of 153.12% during her tenure [11]. Investment Strategy - Wu Haining's strategy involved a three-phase approach: initial average returns, a surge in performance from June to September driven by overseas computing power, and a focus on storage chips post-September [12][13][14]. - The fund's high turnover rate of 1500% reflects an aggressive trading strategy aimed at maximizing returns [17]. Market Context - The current market is experiencing a correction after reaching new highs, with a potential for further volatility as sectors that previously performed well are now seeing declines [19][28]. - The market dynamics indicate a shift from broad-based growth to sector-specific performance, suggesting a narrowing focus in investment opportunities [28].

Core Insights - The article discusses the recovery of actively managed equity funds in 2023, highlighting the turnaround of previously underperforming funds known as "four毛基" and "five毛基" [1][2]. Group 1: Fund Performance - Several funds, including Hengyue Advantage Selection and Huatai Bairui Quality Selection, have successfully increased their net asset values (NAV) from below 0.6 yuan to above 1 yuan due to strong performance in 2023 [3]. - Hengyue Advantage Selection achieved the highest increase, with a year-to-date growth of 146.87%, rising from 0.60 yuan to 1.47 yuan [3]. - The funds that performed well were heavily invested in sectors like artificial intelligence and storage chips, which saw significant demand growth [3][5]. Group 2: Investment Strategies - Some funds maintained their positions in sectors like optical modules and computing power, benefiting from the market recovery [2][5]. - Other funds, such as Fangzheng Fubon Xinhong, changed their investment strategies, shifting focus to humanoid robotics, which led to substantial NAV increases [5]. - The article notes that funds that were initially launched during high market periods (2020-2021) faced challenges but adapted their strategies to capitalize on emerging trends [4][6]. Group 3: Redemption Trends - Despite the recovery in NAV, many funds did not see a corresponding increase in share volume, as investors often chose to redeem their shares once they broke even [2][6]. - Historical data indicates that the probability of redemption is highest when funds return to their original investment levels, leading to significant outflows from several funds [6]. - In the third quarter, there was a net redemption of 220 billion shares from equity funds, marking the largest single-quarter redemption in recent years [6]. Group 4: Ongoing Challenges - Not all funds that were previously underperforming managed to rebound, with some still trading below 0.5 yuan [7]. - Certain sectors, such as consumer and military industries, did not perform well even in a rising market, leading to continued underperformance for funds heavily invested in these areas [7].

Core Viewpoint - The recent style switch in the A-share market has added uncertainty to the annual performance competition among public funds, with the technology sector experiencing high-level consolidation and cyclical sectors gaining strength [2][4]. Fund Performance Overview - As of November 14, 2023, 103 active equity funds (including QDII funds) have achieved a unit net value growth rate exceeding 80%, with Yongying Technology Select Mixed Fund leading at 184.04% [6][7]. - The leading fund's advantage has decreased from nearly 100 percentage points to less than 40 percentage points due to recent market fluctuations [6][3]. - Other notable funds include Hengyue Advantage Select at 146.88% and GF Growth Navigation at 140.60%, with significant movements in rankings observed [6][7]. Market Dynamics - The market is currently characterized by increased volatility, particularly as the Shanghai Composite Index hovers around 4000 points, impacting fund performance and rankings [10]. - Factors influencing fund performance include the fund manager's active management ability, market environment, and the performance of key holdings [10][11]. Investment Strategy Insights - Fund managers emphasize a long-term perspective over short-term performance, focusing on structural opportunities rather than chasing trends [11]. - The technology sector remains a mid-term focus, with ongoing investment opportunities in hardware, semiconductors, and storage, despite recent market corrections [12][15]. Future Outlook - The global wave of technological innovation is expected to continue, with a shift in market focus anticipated towards balancing valuation and profit quality [14]. - The AI sector is projected to present significant investment opportunities, particularly in infrastructure and application development, as the market evolves through 2026 [14][15].

Core Viewpoint - The A-share market is experiencing significant structural differentiation, with a notable performance gap of over 220 percentage points between top-performing and bottom-performing funds, as the market approaches the end of the year and the annual performance sprint for active equity funds begins [3][4]. Market Performance - As of November 10, the A-share market is in a consolidation phase around the 4000-point mark, with the Shanghai Composite Index closing at 4018.6 points, reflecting a year-to-date increase of 19.9% [5][6]. - The market shows a clear "high-cut low" characteristic, with the TMT sector experiencing volatility due to global AI narratives, while the pharmaceutical sector faces pressure from internal procurement and external geopolitical risks [6][7]. - The average return of active equity funds has decreased from 33.08% at the end of Q3 to 30.51% year-to-date, with the Wind data indicating a 2.08% decline in the fourth quarter [6][7]. Fund Performance - Top-performing funds include Yongying Technology Smart A with a return of 205.35%, followed by Hengyue Advantage Selection at 147.36% and Hongtu Innovation Emerging Industry at 139.82% [8]. - The threshold for entering the top ten active equity funds is set at 122.13%, significantly higher than the previous year's 52.4% [7]. Fund Subscription Policies - In response to market conditions, several fund companies are adjusting their subscription policies, with some funds lifting restrictions on large subscriptions to attract more capital, while others are tightening limits to manage fund size and stability [9][10]. - As of November 10, 218 active equity funds have suspended large subscriptions, with some limiting daily subscription amounts to as low as 100 yuan [10][11]. Market Outlook - The dynamic adjustments in fund subscription policies signal a controlled approach to fund size management, with expectations of a stable upward trend in the A-share market, supported by structural improvements in the domestic economy and a decline in risk-free interest rates [11][12]. - The innovation drug sector is experiencing volatility, with market expectations diverging from actual industry performance, leading to profit-taking behavior among investors [12][13].

Core Insights - The A-share market is experiencing significant structural differentiation, with a performance gap exceeding 220 percentage points between top and bottom-performing funds, highlighting a "high-cut low" characteristic [1][3] - Many fund companies are dynamically adjusting their subscription policies, with some high-performing funds lifting restrictions on large subscriptions while others are tightening limits to manage performance and scale [1][5] Market Performance - As of November 10, the A-share market is fluctuating around the 4000-point mark, with the Shanghai Composite Index showing a year-to-date increase of 19.9% [2] - The average return of actively managed equity funds has decreased from 33.08% at the end of Q3 to 30.51% [2][3] Fund Performance - Top-performing funds include Yongying Technology Smart A with a return of 205.35%, followed by Hengyue Advantage Selection at 147.36% and Hongtu Innovation Emerging Industry at 139.82% [3][4] - There are currently 147 actively managed equity funds struggling with negative returns, with some experiencing declines exceeding 10% [3] Subscription Policy Adjustments - Several funds have lifted restrictions on large subscriptions, including E Fund Rui Xiang Mixed and Changcheng Medical Industry Selection, to meet investor demand [5][6] - Conversely, 218 actively managed equity funds have suspended large subscriptions, with some limiting daily subscription amounts to as low as 100 yuan [7][8] Market Outlook - The market is expected to maintain a slow bull trend in Q4, with recommendations for balanced investment strategies across various sectors [8][9] - The innovation drug sector is facing volatility due to a mismatch between market expectations and actual industry developments, with a shift in focus from short-term event-driven trading to long-term fundamental performance [9]

Market Overview - The A-share market showed significant recovery in 2025, with the Shanghai Composite Index reaching a 10-year high of 4025.70 points by the end of October, leading to a strong return of public equity funds and a surge in "doubling funds" [1] - Major indices performed well in the first ten months, with the STAR 50 and North Exchange 50 indices rising over 50%, at 59.93% and 52.51% respectively, while other indices like the ChiNext Index and CSI 2000 also saw gains exceeding 30% [1] Fund Performance - The average net value growth rate of actively managed equity funds reached 27.48% in the first ten months, with some top-performing funds exceeding 200% [3][7] - Among various fund types, ordinary stock funds and mixed equity funds showed strong performance, with average net value growth rates of 32.93% and 32.33% respectively [6] - Over 98% of actively managed equity funds reported positive net value growth rates, with a significant number achieving new highs [6] Top Performing Funds - A total of 705 actively managed equity funds had net value growth rates exceeding 50%, with 34 funds surpassing 100%, and the best-performing fund, Yongying Technology Smart Selection A, achieving a remarkable 200.63% growth [8][10] - Other notable funds included China Europe Digital Economy A with 134.72% and Hengyue Advantage Selection with 133.97% [10] Index Fund Performance - The communication equipment sector emerged as a major winner, with the communication equipment index rising over 98%, leading to strong performances from related index funds [12] - Notable index funds included Guotai CSI All-Share Communication Equipment ETF, which recorded a 98.87% growth rate, and several innovation drug-related ETFs also performed well, with growth rates between 82% and 90% [12][13] Sector Insights - Fund managers highlighted structural opportunities in sectors such as domestic semiconductor equipment, energy storage, and AI applications [14][15] - The global cloud computing industry remains a focal point for investment, with expectations of increased AI computing power investments [14] - The semiconductor sector is expected to benefit from rising production capacities and demand for storage solutions, particularly in the context of domestic advancements [15]